Credit cards often come with a number of perks and benefits. Some of those include credit card rewards points, complementary travel insurance and sometimes a price guarantee program.
Price guarantee offers price protection on your purchases, meaning you have an extra benefit on your purchases when shopping with your credit card.
Each credit card company and bank will offer different price guarantees with some cards, but they often mean different things to different cards.
What price guarantee can credit cards give me?
Each credit card company will include different price guarantees and price protections on some of their credit cards. Some companies have different names for it, but they will all have perks and offer some support to your purchases.
For example, some cards will offer a guarantee on the purchase price, meaning you will receive cash back if the price drops over a short period of time.
For example, if you buy a hat for $30 and it is advertised the next day on sale for $20, you will receive the $10 difference as a refund.
Each credit card company and bank runs with different rules for their price guarantee, so it is best to contact your provider for the complete list of ins and outs.
What are the pros and cons of getting a credit card with price guarantee?
Just like all decisions around a credit card, there are pros and cons.
Banks and credit card companies like to make their cards looks as enticing as they possibly can, so it is important to see through the perks and benefits for what is exactly there.
- Price protections and price guarantees can shave off the costs of your weekly shop.
- They can make the shopping experience less stressful know you might be able to make some saving on items if they go on sale the next day.
- Credit cards with price guarantees usually have some sort of fee attached to them, which can lessen the savings you make on purchases.
- Cards that offer price guarantees might also include higher interest rates.
- Not all purchases are covered by some price guarantees.
- Different cards offer different coverage and guarantee time periods.
- Some credit cards will only cover up to a designated amount.
Do I need a credit card with price guarantee?
Depending on your shopping habits, you might not need price guarantee on your credit card.
If you’re not a big shopper or you’re not too worried about spending a lot of time searching catalogue for sales, then maybe you don’t need price guarantee?
Sometimes, other credit card benefits like complimentary travel insurance or rewards points for frequent flyer programs are a better option.
You should always consider your financial situation and your ability to pay off a credit card when deciding to sign up for a credit card.
How do I claim the price guarantee on my credit card?
Check the terms and conditions of your credit card, but most companies will ask for a proof of purchase and a proof of the advertised sale cost.